golden handshake

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Golden handshake

A large payment to a senior employee who is forced into retirement or fired as a result of a takeover or similar development.

Golden Handshake

A clause in a high-ranking executive's hiring contract describing a lucrative severance package once the executive leaves the company. The package often includes cash and stock options worth millions of dollars, as well equity in the company. The executive is normally eligible for a golden handshake regardless of the circumstances under which he/she left the company, whether retirement, redundancy brought about from a merger or acquisition, or termination for mismanagement. Controversy surrounding the practice tends to increase in times of increased mergers, as well as in economic downturns.

golden handshake

a generous severance payment made to an employee as an inducement to leave an organization. The phrase is also sometimes used to describe payments made to retiring employees as a sign of gratitude for their services. See REDUNDANCY.

golden handshake

a generous severance payment made to a director or worker of a company who is dismissed prior to the expiry of his or her service contract.
References in periodicals archive ?
Other pounds 1 million-plus golden handshakes were reportedly paid by firms including Barclays, Alliance & Leicester, the Hilton Group, Glaxo Wellcome, J Sainsbury and Cadbury Schweppes.
"We could use the idea of golden handshakes, which has been successfully used in previous years with teachers, as a means of attracting people to Wales.
DOZENS of former RUC and PSNI officers who got golden handshakes are back on the beat because of a shortage of detectives.
THERE is no way I will be supporting the golden handshakes for councillors.
WHY are people in charge of the banks and building societies walking away with golden handshakes when they are part of the problem?
My pension is small - and I have never had the luxury of golden handshakes or redundancy payments to soften my later years.
MORE than pounds 16million has been spent on golden handshakes in the health service, it was revealed yesterday.
AFTER big increases in councillors' allowances, now comes golden handshakes for veteran members, pensions and carers' allowances.
Now all salaries, bonuses and golden handshakes will be properly scrutinised.
So on behalf of the taxpayers who have kept all five in fine style, I suggest they donate their golden handshakes to a charity in Wales.
GLENROE'S sacked stars are each to be handed up to pounds 45,000 golden handshakes - more than a year's salary - it has been revealed.
Kaliani Lyle, group chief executive, said: "For many in Scotland, there are no golden handshakes, share options, windfall payments or company cars in this world.